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Bunker Fuel Market - Trends, Strategy, Applications Analysis and Growth by Forecast to 2023
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Bunker fuel is utilized by shipping corporatons for fueling their marine fleet. Distillate fuel and residual fuel are the types of fuel used in the bunker fuel market. Residual fuel dominates the bunker fuel market among the types of fuels used with around three fourth market share.
Bunker fuel market can be categorized on the basis of fuel grades as marine gas oil or marine diesel oil (MGO/MDO), intermediate fuel oil (IFO) 380, IFO 500, low sulfur (LS) 380, IFO 180, LS 180 and IFO 700.
On the basis of seller of bunker fuels, the bunker fuel market can be categorized as leading independent distributors, major oil companies and small independent distributors. Some of the companies such as World Fuel Services Corporation and Chemoil Energy Limited operate in most of the major regions of the world.
On the basis of end users, bunker fuel market can be categorized as tanker vessels, container vessels, and bulk and general cargo vessels. Bulk and general cargo vessels dominate the global bunker market.
Some of the factors driving the growth of the bunker fuel market are rapid increase in bunker requirements in crude oil and product tankers, and increasing hydrocarbon resource development activities in offshore areas.
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Some of the competitors in the bunker fuel market are Gazpromneft Marine Bunker LLC, Aegean Marine Petroleum Network, Inc., Lukoil-Bunker LLC, Exxon Mobil Corporation, and Chemoil Energy Limited.
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